HSBC Said to Seek Investor Backing for $22M CEO Pay Package

HSBC Holdings Plc, Europe’s biggest bank, is seeking backing from investors to pay CEO Stuart Gulliver as much as 13.3 million pounds ($22 million) this year, two people with knowledge of the talks said.

The bank’s compensation committee, which meets with investors this week, is proposing Gulliver should get a 1.25 million-pound base salary in 2011, a bonus of as much as three times that amount and a long-term incentive payment equivalent to six times his salary, said the people, who declined to be identified because the figures aren’t public. Gulliver would get the LTIP in shares after five years and would be required to own them until his retirement from the industry, the people said. – Bloomberg